Trump threatens to impose further 100% tariff on China and scrap Xi talks

[ad_1] US President Donald Trump promised to impose a further one hundred pc tariff on China Friday and threatened to cancel a summit with Xi Jinping, reigniting his commerce warfare with Beijing in a row over export curbs on uncommon earth minerals.

Trump stated the additional levies, plus US export controls on "any and all essential software program," would come into impact from November 1 in retaliation for what he referred to as Beijing's "terribly aggressive" strikes.

"It's inconceivable to consider that China would have taken such an motion, however they've, and the remainder is Historical past," he stated on Fact Social.

Inventory markets fell because the simmering commerce warfare between the US and China reignited, with the Nasdaq down 3.6 p.c and the S&P 500 down 2.7 p.c.

Chinese language items at the moment face US tariffs of 30 p.c underneath tariffs that Trump introduced in whereas accusing Beijing of aiding within the fentanyl commerce, and over alleged unfair practices.

China's retaliatory tariffs are at the moment at 10 p.c.

Trump had threatened the tariffs hours earlier in a prolonged shock submit on his Fact Social community that stated China had despatched letters to international locations all over the world detailing export controls on uncommon earth minerals.

Uncommon earth parts are essential to manufacturing every little thing from smartphones and electrical automobiles to army {hardware} and renewable power expertise. China dominates world manufacturing and processing of those supplies.

"There isn't any manner that China ought to be allowed to carry the World 'captive,'" Trump wrote, describing China's stance as "very hostile".

The US president then referred to as into query his plans to fulfill Chinese language president Xi on the Asia-Pacific Financial Cooperation (APEC) summit later this month.

It was to be the primary encounter between the leaders of the world's two largest economies since Trump returned to energy in January.

"I used to be to fulfill President Xi in two weeks, at APEC, in South Korea, however now there appears to be no purpose to take action," he wrote.

Trump later advised reporters within the Oval Workplace that he hadn't canceled the assembly.

"I have never canceled, however I do not know that we'll have it. However I'll be there regardless, so I'd assume we'd have it," he stated.

'Mendacity in wait' The US president stated he didn't perceive why China was selecting to behave now. "Some very unusual issues are taking place in China! They're turning into very hostile," he stated.

Trump stated different international locations had contacted the US expressing anger over China's "nice Commerce hostility, which got here out of nowhere."

He additionally accused Beijing of "mendacity in wait" regardless of what he characterised as six months of fine relations, which has notably seen progress on bringing TikTok's US operations underneath American management as required by a legislation handed by Congress final yr.

His outburst comes simply weeks after he had spoken of the significance of assembly Xi on the APEC summit and stated that he would journey to China subsequent yr.

Washington and Beijing engaged in a tit-for-tat tariffs warfare earlier this yr that threatened to successfully halt commerce between the world's two largest economies.

Each side finally agreed to de-escalate tensions however the truce has been shaky.

Trump stated final week that he would push Xi on US soybean purchases as American farmers, a key voting demographic in his 2024 election win, grapple with fallout from his commerce wars.

China had stated earlier Friday that it will impose "particular port charges" on ships operated by and in-built the US after Washington introduced fees for Chinese language-linked ships in April.

In an extra growth, the US communications watchdog stated it had efficiently managed to get "hundreds of thousands" of listings for banned Chinese language objects faraway from commerce platforms.

"The Communist Celebration of China is engaged in a multi-prong effort to insert insecure gadgets into Individuals' properties and companies," Brendan Carr, head of the Federal Communications Fee, stated on X.